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WorksheetsSimple Interest
Total questions: 12
Worksheet time: 26mins
Name
Class
Date
1.
The simple interest formula is I=Prt. What does the t represent?
a)
Principle
b)
Interest
c)
Time, in hours
d)
Time, in years
2.
Write the percent as a decimal.
4.3%
4.3%
a)
4.3
b)
.43
c)
.043
d)
4300
3.
The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a______.
a)
fraction
b)
decimal
c)
ratio
d)
dollar amount
4.
True of False: Before you can calculate INTEREST your time must be in MONTHS!
a)
FALSE
b)
TRUE
5.
9 months is how many years? Remember there are 12 months in a year.
9/12 = x/100
Cross multiply and divide
9/12 = x/100
Cross multiply and divide
a)
.5
b)
.75
c)
.25
6.
Ann puts $300 in a bank account earning 4% interest. How much will she earn in interest in 1 year?
a)
4
b)
8
c)
12
d)
16
7.
Rachel invested $2,700 in a savings account earning 7% simple interest. If she invests for 2 years, how much money will she have in total?
a)
$3,078
b)
$378
c)
$40,500
d)
$4536
8.
Dan borrowed $2,000 for 6 months at 12% annual simple interest rate. How much interest is that? Remember your time has to be in YEARS!! 6 months is half of a year or .5
a)
$120
b)
$144
c)
$1,200
d)
$1,440
9.
How much simple interest would be earned on a savings account of $4,500 at 5.5% interest per year after 24 months?
a)
$594,000
b)
$495
c)
$49,500
d)
$5,940
10.
John put 14,000 Euros in an account at a simple interest rate of 1% per year. How much interest will he get after 12 years?
a)
16,800 Euros
b)
168,000 Euros
c)
1,680 Euros
11.
The simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.
a)
the amount of money borrowed or deposited
b)
the percent interest for his year
c)
the amount taxed
d)
the amount the bank owes you for being a customer at their bank
12.
Julie borrowed $3,500 for 3 years at 7½% simple interest rate.
How much interest is that?
How much interest is that?
a)
Julie borrowed $3,500 for 3 years at 7½% simple interest rate.
How much interest is that?
How much interest is that?
b)
$787.50
c)
$810
d)
$812.50
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